S&P500 MAKE OR BREAK ZONE AS FED RATE CUTS APPROACH
SIMPLE SCALES - COMPLEX FAILS
- Upside: A daily consolidation that holds 5600 would look great as this was a
previous consolidation area. Acceptance above 5650 would break the previous
range highs opening room into 5675, 5700 & 5750.
- Downside: Acceptance below 5600 can start to break a daily support which opens
room back into 5550, 5516, 5488 & 5435.
- Overall Thesis: ES daily pivot looks great, however there is still room for a
weekly and daily lower high. If we lose 5600, this chart can actually get pretty
ugly again. The 5600-5650 range is going to be an important area this week.
- Upside: A daily consolidation that holds 5600 would look great as this was a
previous consolidation area. Acceptance above 5650 would break the previous
range highs opening room into 5675, 5700 & 5750.
- Downside: Acceptance below 5600 can start to break a daily support which opens
room back into 5550, 5516, 5488 & 5435.
- Overall Thesis: ES daily pivot looks great, however there is still room for a
weekly and daily lower high. If we lose 5600, this chart can actually get pretty
ugly again. The 5600-5650 range is going to be an important area this week.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.